The National Bank of Egypt (NBE) has granted investors in the region a total of EGP 30m from a total loan portfolio of EGP 500m, which the bank had allocated for the region in 2012, according to a senior official at the Nuweiba-Taba Investors Association.

According to the official, NBE is one of the biggest supporters of tourism investment in Sinai, which has suffered from a decline in tourism over the past five years.

He noted that banks’ dwindling support of investments in the region has caused construction work to come to a halt, increasing companies’ losses.

Chairperson of the Nuweiba-Taba Investors Association Samy Soliman told Daily News Egypt in previous statements that only eight hotels are still operating in the region out of a total of 19.

The Egyptian Tourism Federation has been corresponding with the Central Bank of Egypt (CBE) to provide facilities for hotels and tourism companies in the coming period in light of the soaring decline in tourism traffic since the fall of a Russian plane in October 2015.

The Egyptian Travel Agents Association asked its members to send their complaints about banks to the association so they can be reviewed by bankers and financial experts to find solutions.

The association set a week to receive these complaints.

Soliman called upon the Ministry of Tourism to launch tourism programmes for workers in the administrative apparatus of the state.

The CBE has to support the tourism sector through coordinating with banks and the Ministry of Tourism to pen an urgent plan of action and give directives to banks to finance the sector, said Atef Abdel Latif, member of the Tourism Investors Association.

Abdel Latif added that the sector has been deprived of funding since the 25 January Revolution.

He noted that tourism must be financed immediately, without waiting for tourism to recover, as most busses are unable to serve tourists, while funds to buy new ones are not available.